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A19
MONDAY,
AUGUST 4,
2014
• Twitter: @GuardianTT • Web: guardian.co.tt
Help Prevent Chikungunya
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Brian Gallagher, an oil and gas
equity analyst, says predictions
about T&T becoming an exciting
exploration destination for oil
and gas companies are rapidly
becoming a reality.
In a report published online by
Investors Chronicle, Gallagher
noted that "exploration activity
across Trinidad has rapidly accel-
erated while interest from specu-
lative investors is exploding."
He noted that one energy com-
pany, Leni Gas & Oil, has seen its
share price rise four-fold following
successful drilling at its Goudron
field onshore Trinidad.
"Shares in rival onshore operator
Range Resources (RRL), mean-
while, have doubled in value since
May, as have shares in Toronto
Stock Exchange-listed Touchstone
Exploration (TSX: TXP). This is
despite the wider Aim oil and gas
sector retreating a miserable 20
per cent over the past six months,"
he said.
Gallagher attributed these devel-
opments to changes to T&T tax
regime which include cost recovery
measures as well as exploration
and development tax breaks
designed to reward companies
seeking to increase onshore oil
production. He said: "Reductions
in royalty rates have also been suc-
cessfully negotiated on a case-by-
case basis. At the same time, there
has been early progress toward
redeveloping major onshore oil
fields previously operated by the
likes of Texaco and state-owned
Petrotrin. Onshore fields have
largely been left alone for the past
40 years but rising oil prices, tech-
nological advances and the pro-
posed changes to Trinidad s tax
regime have caused oil executives
to look at them with fresh eyes.
The analyst said key issue facing
T&T s energy sector is that, just
like in the UK North Sea, oil and
gas production has dramatically
declined over the past decade as
new discoveries have failed to keep
pace with depleting reserves.
"While it will undoubtedly take
time for the new stimulus meas-
ures to take full effect, they have
already spurred several Aim-traded
oil juniors to ramp up drilling. As
a result, hydrocarbon production
on the islands should quickly
increase," Gallagher said.
He said investors are excited by
Leni s flagship Goudron field
which still has "about 100 old,
inactive or poorly producing wells
on site, along with decent enough
infrastructure and direct access to
an export pipeline."
"By reactivating previously shut-
in wells, completing well work-
overs and using new equipment,
Leni has grown production from
around 40 barrels of oil per day
(bopd) in 2012 to a high of 388
bopd in October 2013. Eventually,
it hopes to unlock further reserves
using more expensive enhanced
recovery techniques such as water-
flooding."
He said Range Resources has
been focusing its efforts on
Trinidad where the company is
the largest private onshore acreage
holder.
"Like Leni, its flagship Morne
Diablo, South Quarry, and Beach
Marcelle properties are old onshore
fields that have been producing
on and off since the early 1900s;
their current output is a meagre
630 bopd from around 165 pro-
ducing wells, mainly in the Lower,
Middle or Upper Cruse formations.
"Field improvements on existing
assets should continue to boost
production incrementally, but a
step-change in production will
likely come from two planned
activities: drilling new wells or
A 2014 Mini Cooper S Countryman All4 is on display during the media preview
at the Chicago Auto Show at McCormick Place in Chicago. The four-door
Countryman was the only one of 12 cars to earn a "good" rating in new frontal
crash tests performed by the Insurance Institute for Highway Safety, an
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THE FOUR-DOOR COUNTRYMAN
implementing a wide-reaching water-
flooding programme."
Gallagher also noted exploration
activities by Touchstone Exploration
and Trinity Exploration & Production
He said: "The new fiscal incentives
in Trinidad should make it more prof-
itable to develop small oil and gas fields
on the island. We expect drilling activity
to continue to ramp up and the recent
positive share price momentum to con-
tinue."
Oil and gas analyst:
T&T production set to increase
The historic National Carnival
Development Foundation (NCDF)/Mas
Transformation Secretariat Trade Mission
to Europe successfully concluded with
business opportunities for T&T mas
practitioners. The six participating
delegates reported three definite work
arrangements, and eight very likely
arrangements with mas bands in
Rotterdam, as well as the opportunity to
return to Paris, France, within two months
to participate in a special Carnival venture.
NCDF chairman Mahindra Satram-
Maharaj said he is extremely pleased that
the hard work, immense financial
resources from state enterprises and
months of planning have borne fruit. "This
is just the beginning," he declared, adding
that discussions are already under way
for Mas Trade & Tourism Mission 2015.
Mas trade mission to Europe declared a success